Wealth Building Coaching

• Active income:Also called earned income from a full-time or part-time job.
• Passive income:unearned income by not working a job to gain that income. This income comes from the work you input in or a system of making money.
• Portfolio/Investment income: Income on interest earned on a savings account, dividends distributed by companies you own stock, and capital gains from selling shares in a mutual fund.

4. Save money automatically and build an emergency fund – We commend that you allocate to savings and emergency funds to ensure a healthy financial life. An approach we use is the 50-30-20 rule.

• You spend 50% of your monthly income on basic needs like housing and food.
• You only spend 30% or less toward your “wants,” like travel and entertainment.

• You should only spend 20% toward savings, including an emergency fund and a retirement account.

5. Spend money consciously – You can spend your money wisely. Reframe spending money during an emotional state and concentrate on spending wisely while not depriving yourself of all of your fun. For instance, you might:

• Create a shopping list. I know you have heard this one before; eat before you go grocery shopping and make a list of what you need to purchase before going to the store.
• Compare prices before making a purchase. By We like to get a deal on what we purchase, so consider purchasing bulk for some items you use often. I recommend coupons while you are actively working to build wealth. Or, a better option is to join my business partner’s earn cash-back shopping program: Shop.com/deonhuff; this is a FREE program.
• Set a limit on how much you’ll spend on a big purchase.Buy only what you need instead of the “wants” to help you stay within a reasonable range.
• Saving for big purchases and tracking your spending.Waiting before making that big purchase will help you stay within your budget. Use credit only when needed, not to fund your present life with future earnings. Tracking your monthly finances can be done with a spreadsheet, an app, or an old-fashioned pen and paper.

1. Pay off high-interest debt – If you can, paying off high-interest debt can free up money to build wealth through savings or investments and other means. It can also boost your credit scores and decrease the amount of interest you’re paying. How do you tackle your high-interest debt? Some methods are:

• Debt avalanche:The debt avalanche method involves eliminating your highest-interest debt first, then moving to the debt with the next-highest interest rate, and so on.
• Debt snowball:Focus on paying the debt with the lowest balance first, then move to the next credit card or loan. It’s important not to ignore other obligations entirely and pay the minimum on them while continuing to focus on paying down your debt.
• Debt consolidation loan:Consolidating some of your debts via a personal or consolidate several credit cards. This can be an attractive option if the interest rate on a debt consolidation loan is lower than the interest rates for the debts being consolidated. However, remember NOT to use those accounts you consolidated, and DO NOT CLOSE THOSE ACCOUNTS because it will affect your credit score. BE discipline!
• Balance transfer:A balance transfer enables you to shift a balance from a higher-interest credit card to a credit card with a low or even 0% annual percentage rate. Remember that there may be a balance transfer fee and that the new card’s rate may only be for an introductory period. Therefore, you should do your best to pay off all cards and not charge more. LIVE WITHIN YOUR MEANS AND BUDGET!
• Credit Repair Counseling:A credit counselor may be able to negotiate directly with lenders on your behalf to extend repayment periods, lower interest rates, and waive fees. A credit repair specialist will be able to repair your credit. If you wish to save money, you can take a credit repair course to learn how to do this yourself.

1. Protect the wealth you build – Once you’ve created some wealth, it’s a good idea to protect it. A common way to do that is through insurance. This could include:

• Property insurance for your car or home.
• Health insurance for you and your family.
• Disability insurance in case you become ill or injured and can’t work.
• Life insurance for loved ones after you die.
• Long-term care insurance if you need to live in a nursing home or assisted living facility.
• Other ways to preserve your wealth include diversifying your investments to reduce risk, keeping a close eye on your spending, and seeking ways to ease your tax burden.

I have given you a mini money management course on this page. I have been where you are now. It was not natural for me to change my life and live a better life. I now see wealth-building opportunities everywhere, and they quickly come to me. It is time to get to wealth-building coaching.

You are fortunate and not alone, and today you can get access to world-class Wealth Building Coaching, which is the fastest route to growing wealth and living your best life.  Successful people hire coaches and specialists to help them grow quickly, achieve more, and maximize their income potential! One of the primary keys to success and building wealth is the change your relationship on how you see, use, and make money. In my coaching, I will help you turn that switch on inside you to allow you to attract money and wealth.